Data analysis is an important part of everyday life. Both at work and at home you must analyze data to determine what must be done and what must be eliminated. Tools used for data analysis may include spreadsheets or computer applications designed to analyze data. Proper data analysis helps with decision making, finding improvements, discovering competitive advantages, increasing profits, building business models and enabling innovation. Using data analysis can increase productivity and improve your bottom line.
- Some of the tools used to support data analysis range from spreadsheet to statistical packages to computer assisted qualitative data analysis software.
- By using data analysis tools, micro, small, medium and large organizations can attain various benefits from data analysis
- Data analysis identifies areas for potential productivity improvement based on data analytical tools.
“While some data analysis methods may not be highly technical or sophisticated, appropriate data analytical tools and efficient use of these tools can save time by simplifying large amounts of data into sensible and understandable information.”